The predecessor of the Fujian Electronic Information Group, or the company that first benefited from the reform, was a leading enterprise in the electronic information industry in Fujian Province. Currently, its indirect controlling shareholder is Fujian Electronic Information Group, which holds about 34% of the shares. Fujian is an important part of the Haixi Economic Zone, and is expected to benefit from its unique advantages in exchanges with Taiwan and usher in strategic opportunities for local state-owned enterprise reform. However, as one of the two limited listed platforms under the Fujian Electronic Information Group, the company covers businesses in the fields of integrated circuits, consumer electronics, and LEDs, and it is reasonable to speculate that it may be the first to benefit from the reform of the electronic information industry in Fujian Province. Furthermore, the increased participation of the Fujian Next-Generation Information Technology Venture Capital Fund also shows that strategic investors have strong confidence in it. Epitaxial reinforces the industrial structure, and performance provides valuation support. In recent years, through epitaxial mergers and acquisitions and capital increases, the company has gradually optimized its single business structure that previously relied on trade. The merger and acquisition of Sino-Nuo Communications will strengthen the mobile phone terminal layout. Furthermore, the company is an excellent domestic wireless communication terminal manufacturer, and has formed stable supply relationships with Huawei and Lenovo; the merger and acquisition of LED small-pitch display company Malirui Optoelectronics and LED lighting packaging company Yuanlei Technology can have a good synergy effect on integrating Furi's LED display and lighting business, and revitalize the original optoelectronic assets. All three companies have performance commitments to Fukui and Japan, which provided good support for the company's transition period. Fujian is the frontline of semiconductors on both sides of the Strait, and connecting with Taiwan's industry may be a natural progression. Mainland China has become the largest semiconductor market in the world, and semiconductor ties between the two sides of the Taiwan Strait are already very close. As a cross-strait semiconductor frontline, Fujian will be an important base for receiving Taiwan's semiconductors. Meanwhile, Fujian Electronic Information Group, the actual controller of Furi Electronics, is the responsible unit determined by Fujian to connect the LED, IC, LCD, and communications industries between Fujian and Taiwan, and is also an important partner of Taiwan Union Power's joint venture fab. The company has previously had experience in setting up an integrated circuit factory as a joint venture in Fushun Microelectronics, so it is only natural that Fujian would be the pioneer of cross-strait integrated circuits in the future. Risks suggest changes in the downstream smartphone market, and the extension falls short of expectations. The valuation is secure, and continuously optimized. It is an important listing platform in the integrated circuit field under the Fujian Electronic Information Group. It is expected to take the lead in benefiting from Fujian's electronic information state-owned enterprise reform and the promotion of the Haixi semiconductor integrated circuit industry, and become an important base for Fujian to connect with Taiwan's semiconductor industry. The subsidiary's performance provides a good safety cushion, and there are long-term incentive expectations. Currently, the company is in the process of continuous optimization, and the future is worth looking forward to. The company is expected to achieve net profit of 109/161/202 million yuan in 15-17, corresponding to EPS 0.29/0.35/0.44 yuan, PE33X/27X/22X, giving it a “buy” rating.